How do I send deposit

[Em2122]

I’m going to send the deposit of £15000 to my solicitor. It says send a chaps/telegraphic of funds. I don’t know what this is? Do I just send the money on my banking app, just like any other payment or is it too much money?

CHAPS is immediate transfer and you need to arrange that with your bank.

How do I do that?

Make sure you speak with the solicitors on the phone to confirm account details before you transfer your money!!.....many have been defrauded by intercepted and altered emails, it’s a safety check worth making! Depending on the limits of your account you can send it via app these days but I always think it’s better to go in branch and do it there.... I’m a wee bit anxious, can you tell?!😆

If you are unable to go in to a branch of your bank then give them a phonecall.

My bank told me I had to go in person to a branch with photographic ID and proof of address. However my deposit was a lot more. They may be able to do a smaller amount over the phone.

the limit on your banking app varies so you need to find out.

PHONE the solicitor and confirm the bank details. Send a tenner across. PHONE the solicitor again and confirm receipt. Only then do you send the rest.

CHAPS costs money, if (for example) your transfer limit is £10k you can do it in two days for free.

your solicitor should guide you through all this. You are paying them.